Telos Announces Strategic Partnership with Presto Labs to Accelerate zkEVM Development

Telos, a leading blockchain network, announced a strategic partnership with Presto Labs, a prominent Asian venture capital firm and liquidity provider. This collaboration brings a $1 million investment to Telos, earmarked for the development of their novel SNARKtor-powered Ethereum Layer 2 zkEVM network. Additionally, the funds will support the establishment of SNARKtor Labs, Telos’ Hong Kong-based unit dedicated to advancing their ZK-proof technology infrastructure.

Focus on Asia-Pacific Market

The Telos and Presto Labs partnership prioritizes the Asia-Pacific region, a hub for Web3 innovation and investment. This focus aligns with Telos’ recent unveiling of their zkEVM L2 during a keynote speech by Executive Director John Lilic at TOKEN2049 in Dubai, where Telos served as a title sponsor.

Investment Boosts zkEVM Development

Presto Labs’ investment accelerates the completion of Telos’ L2 network, co-developed with Ponos Technology, a leading ZK research firm. Lilic expressed Telos’ enthusiasm about the partnership, highlighting the benefits for both teams and the Telos community. He emphasized efficient capital deployment to enhance network growth and empower SNARKtor Labs in educating the world about the potential of ZK technology.

Presto Labs Recognizes Telos’ Potential

Founded in Singapore, Presto Labs has a history of funding blockchain pioneers. They view Telos’ ZK-proofing innovations, particularly SNARKtor, as a strong indicator of the project’s future role in this emerging technology. Presto Labs co-founder Yongjin Kim emphasizes their data-driven approach and their belief in Telos’ technology. He anticipates a long-term partnership that contributes to mainstream blockchain adoption through Telos’ new network.

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Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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